Wisdom and South Central Wisconsin Real Estate information

Posts tagged ‘stoughton real estate’

WRA posts new report and sales and median homes sale price are up over last year with 21 months of sales growth.

Frank loyd wright

Frank loyd wright (Photo credit: Aikaterini Koutsi Marouda aka kotsifi)

The Wisconsin Realtors Association has released a new real estate market update.

Press Release and Report

MADISON, Wis. –Wisconsin existing home sales increased 3 percent in March, which is the 21st straight month of sales growth. Median prices grew 9.7 percent to $134,900 in March, compared to the same period last year, according to statistics released by the WRA. Sales during the first quarter were up 10.8 percent, and median prices rose 5 percent relative to the first quarter of 2012. 

Read the report at https://www.wra.org/HSRMARCH2013/

 

Lake Kegonsa Homes

Sunset Over Kegonsa

Sunset Over Kegonsa (Photo credit: wackybadger)

Some people have gotten some pretty good deals on water front homes on Lake Kegonsa in the last year. There is still 15 months of inventory and prices have remained very reasonable with an incredible variety of sizes, styles, quality, and condition of homes. There were 16 sales ranging from $160,000 to $900,000. The average sale price was $423,393 and the median sale price was $387,000. Currently there are 13 properties for sale with list prices ranging from $289,000 to $1,890,000. The average list price was $550,677 and the median list price was $459,000. Sizes have ranged from 700 sq. ft. to monsters with as much as 8,148 total sq. ft..  For those on the market, absorption rates have remained steady all year with 1.33 homes selling per month. The odds of selling a home in the first month is around 6%. Competition has kept prices reasonable and now is the time to start searching before the spring thaw.

It has been a good year for real estate in Dane County this year

English: The Dr. Charles G. Crosse House in Su...

English: The Dr. Charles G. Crosse House in Sun Prairie, Wisconsin, a registered historic place. (Photo credit: Wikipedia)

It has been a good year for real estate in Dane County this year. Sales have increased 25% this year over the last year. Record low interest rates have helped to keep things moving along. Inventories have decreased and in some markets there is a shortage of homes. Over all prices have not increased and there is still a continual flow of bank owned inventory. Now is a great time to buy or invest. Most rental properties will easily cash flow. There has been a good stream of homes under $100,000 which would be good to purchase to rent and hold until the market picks up again as an investment. There is also plenty of opportunity to flip with returns as high as 50% possible. If you are looking to sell the odds of selling have increased greatly. Surrounding counties have also picked up. If you would like to see some stats click on Dave Stark’s news letter in the upper left blog roll and check out the most recent November news letter.

Inventories have decreased on the lower priced larger ranches in Stoughton.

English: for sale sign

English: for sale sign (Photo credit: Wikipedia)

The market analyzed was 1 story homes between 8 and 40 year old, larger than 1,400 sq. ft above grade in Stoughton. All of the lower priced inventory has been sold leaving all active listings priced above sales. There is currently 5 homes for sale in this market listed between $234,900 and $349,900. There is 8 months of inventory of homes in the Stoughton. The average sale price was $185,362 and the median sale price is $188,450. The odds of selling a home in this market is 13%. The average days on market was 42 and the median was 38 days. The average list price was $226,861 and the median list price was $224,900.

Newer Homes in Stoughton Wisconsin

Kamakoa Nui single-family detached model home

Kamakoa Nui single-family detached model home (Photo credit: Hawaii County)

For newer single family homes in Stoughton under 15 years of age the homes range from 1,092 sq. ft. to 2,835 sq. ft. above grade living area. Sales prices range from $148,400 to $343,000. Active listings range from $149,900 to $399,900. The average sale price is $233,031 and the median sale price is $228,000 so homes in the typical 1st home buyer market are selling the most. There is 9 months of inventory, which means it will take 9 months to sell all of the houses currently on the market making it a buyers market. It also means the odds of selling a house in the 1st month is around 10%.

Tough Market for 4 Unit Rental Properties in Sun Prairie

Tight lending requirements have hurt investment rental propertie sales over the last few years with only the best cash flow properties selling. Property values as well as sales in the area appear to be relatively stable. Per the South Central MLS, in Dane County there have only been 7 sales of 4 unit rentals under 30 years of age in the last year with a median sale price of $300,000. There is 55 months of inventory of 4 units under 30 years of age in Dane County with a 1% odds of selling in the 1st month. In Sun Prairie there have been 4 sales ranging from $225,000 to $345,000. The average sale price was $283,875 the median sale price was $282,500. There is a large gap between sales and listings with listings ranging from $$350,000 to $480,000. The average list price is $383,399 and the median list price is $379,900. There is 27 months of inventory 4 units under 30 years of age in Sun Prairie. 25% of sales have been bank owned properties. There currently are no bank owned properties listed for sale. 11% of active listings are short sales (1). Investment properties often sell by word of mouth or through area investment clubs were owners are looking to increase tax deductions with higher depreciation deductions by tax deferred exchanges.

Ranch Home Market East of Madison

English:

Image via Wikipedia

Sales have slowed over the winter months, but the spring selling season is here. In the area between Hwy 90 at the west, Hwy 73 at the east, Hwy 12 to the south, and Hwy 19 to the north, for homes between 1,400 and 2,200 sq. ft., over 15 years of age, on less than 5 acres, on a well, there is 19 months of inventory. The average list price is $233,075 and the median list price is $225,000. The average sale price is $200,463 and the median sale price is $200,000. This is a good market for the first time home buyer and move up buyer with median prices with in the reach of many forst time home buyers. The odds of selling a house in the 1st month is about 5%. The average days on market is 112 days and the median days on market is 57 days. Bank owned properties are not a significant factor in this market with only 1 bank owned sale in the last year.

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